An electronic trading system generally includes a trading device in communication with an electronic exchange. The trading device receives information about a market, such as prices and quantities, from the electronic exchange. The electronic exchange receives messages, such as messages related to orders, from the trading device. The electronic exchange attempts to match quantity of an order with quantity of one or more contra-side orders.
Many individual trade orders are created daily, across different groups within a trading firm or financial institution (e.g., a brokerage firm). In some examples, these trade orders may be orders to buy or sell one or more tradeable objects in accordance with a particular trading strategy. The tradeable objects that are desired (e.g., as subject of a buy order) may be currently owned by the same trading firm (e.g., on the books of another trading group in the trading firm). Conversely, the tradeable object that is to be sold (e.g., as subject of a sell order) may be desired by another group and/or trader in the same trading firm. When a buy order and a sell order exist for a tradeable object at the same trading firm or financial institution, the orders are referred to as “crossing.”
Certain embodiments will be better understood when read in conjunction with the provided figures, which illustrate examples. It should be understood, however, that the embodiments are not limited to the arrangements and instrumentality shown in the attached figures.